Tampa Apartments Sell at 30% Loss

In what is becoming an all-too-common occurrence, a Tampa apartment complex sold for less than its owner paid for it in 2022. The Tampa Bay Business Journal reports Lumi Hyde Park, which has 259 units, recently sold for $83 million or $320,463 per unit. Two years ago, the seller, Dallas-based Conti Capital, paid $115 million or $444,000 per apartment.

Greystone was the buyer. Property records show that Conti assumed a $43 million loan on the property when it closed in 2022 and increased the loan amount to $75.4 million.

Lumi was built in 2015 and sold for the first time in 2017, when it traded for $249,150 a unit. Monthly rents for a 578-square-foot apartment at the property start at $1,643.

The Wall Street Journal reports that over $1 trillion in debt will come due by 2027, and the publication predicts that many investors will default on their loans or sell at a discounted price.